What the FCA register is
The Financial Conduct Authority (FCA) supervises financial firms in the United Kingdom. Its public database is the Financial Services Register. It lists firms and individuals the FCA has authorised or registered, along with former ones. Every firm has a unique Firm Reference Number (FRN).
A firm that calls itself an "FCA regulated broker" should appear on this register under its exact legal name. If you cannot find it there, treat the claim as unproven.
Open the register only from the FCA's own website. Type the address yourself rather than using a link from an advert, a chat message or the firm's site. Fake copies of regulator pages exist. See Clone Sites and Fake Apps.
- Find the company's legal name and licence number on its website.
- Search that number on the regulator's official register.
- Compare the name, website address and contacts with the register entry.
- Check which company would actually serve clients from your country.
- Search the regulators' warning lists for the name and the website.
How to check an FCA licence step by step
- Get the details from the firm. Ask for the full legal company name and the FRN. A genuine UK firm usually shows both in its website footer or legal documents.
- Search the register. Use the FRN if you have it. A name search can return several similar names.
- Check the status. "Authorised" means the firm currently holds FCA permission. "No longer authorised" or "Cancelled" means it does not.
- Compare the contact details. The register shows the firm's address, phone number, email and website. If these differ from what you were given, you may be dealing with a clone.
- Read the permissions. See the next section.
- Check trading names and linked entities. The register lists the trading names a firm is allowed to use. A brand you know may belong to a different legal entity than the one on the register.
Reading permissions
Authorisation alone does not mean a firm can do everything. Each entry has a section that lists the regulated activities the firm may carry out and the investment types they cover. For forex and CFD brokers, look for:
- dealing in investments as principal or as agent;
- arranging deals in investments;
- contracts for differences, among the investment types listed;
- whether the firm may hold client money. If it may not, it should not be holding your funds.
Also check the disciplinary history and any requirements the FCA has placed on the firm. Some firms are listed as appointed representatives. They act under another authorised firm, called the principal, and the register names that principal.
The licence covers one legal entity
An FCA licence covers the UK company named on the register, and only that company. Many brokerage groups run several entities in different countries. A Pakistani client is often onboarded by an entity regulated elsewhere, or by one that has no UK licence at all. UK protections such as the Financial Ombudsman Service or the Financial Services Compensation Scheme apply to clients of the UK firm, under its own rules. Your client agreement names the entity you actually contract with, so read it.
For more detail, see What Regulation Protects, Offshore vs Onshore and Compensation Schemes.
The FCA Warning List
The FCA publishes a Warning List of firms it believes are operating without authorisation or are impersonating authorised firms. Search it by firm name, website or phone number. Keep in mind:
- A name on the list is the FCA's own warning. Rely on it and quote it, not rumours.
- A name missing from the list does not prove a firm is safe. New scam sites appear faster than warnings are published.
- Clone warnings often describe a fake firm that uses a real firm's name and FRN.
For other red flags, see Scam Warning Signs.
What this means for readers in Pakistan
A UK licence is not a Pakistani licence. In Pakistan, the supervisor is the Securities and Exchange Commission of Pakistan (SECP), with trading in listed securities and commodities only via SECP-licensed securities and futures brokers. Per the SECP, lists of licensed brokers are on the PSX and PMEX websites.
Also, per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse. In addition, per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)). Read Law and regulators before dealing with any overseas platform.
Leveraged forex and CFD trading can lose money fast, whichever regulator supervises the firm.
Related checks
- Verify a Broker
- Broker Checklist
- CySEC Register and FSCA Register
- Other Regulator Registers
- Report a Scam
Frequently asked questions
Is a firm FCA regulated if its website shows an FRN?
Not necessarily. Search the FRN on the FCA register yourself. Then confirm that the name, website and contact details match exactly.
Where can I find a list of FCA forex brokers?
The register is a search tool, not a ranked list. Search each firm separately and check its status and permissions.
Does an FCA licence protect me as a client in Pakistan?
Only if you contract with the UK-authorised entity, and only within that firm's rules. Your agreement names the entity you deal with. Pakistani law and SECP warnings still apply to you.
What should I do if a firm is on the Warning List?
Do not send it money. If you have already paid, see Report a Scam, and watch out for Recovery Scams.
Can a firm be authorised but still not allowed to hold my money?
Yes. Check the permissions section. A firm without client money permission should not be holding client funds.
